PSFK Future of Retail 2015 Report - Summary Presentation

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In the fifth volume of the Future of Retail report the PSFK Labs team explores the dynamic social, technological, and physical forces influencing consumer behavior and driving next-generation shopping experiences. With a refocus on the importance of the physical store, our analysis below includes 10 in-store actions supported by 13 key trends that retailers can use to immediately begin redefining their retail experience.

The full 110 page report looks at how, in order to stand out from the competition, retailers and brands must make the best use of their customers’ time and attention by designing multichannel experiences that strike a perfect balance between efficiency and enjoyment, relevance and surprise.

For more details, and to download, the full Future of Retail report, visit: http://www.psfk.com/report/future-of-retail-2015
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  • 1. @PSFK | #FutureOfRetailSUMMARY PRESENTATION
  • 2. THE FUTURE OF RETAIL 2015 @PSFK | #FutureOfRetailPSFK’s fifth annual reporton the Future of Retail:— The leading report series on the globaltrends changing retail— 10 actions to redefine your retail experiencesupported by trends— Perspectives from leading shopper expertsacross the globe— Supporting stats, implications & retailconceptsFor your copy of the full report,visit: psfk.com/future-of-retail
  • 3. THE FUTURE OF RETAIL 2015 @PSFK | #FutureOfRetailFOREWORDAfter five years of publishing our survey on retail trends,we had hoped to play a part in inspiring the radicalevolution of retail but during that time all we have seemedto witness is iteration upon iteration. There seems to lessand less stores and more and more owners and operatorswho search for ideas to fix retail.We don’t need to fix retail. We need to change it. Ourreport demands that the stores in our towns, in our malls,in our transport hubs and everywhere we access themembrace the hyper-connected consumer and her readinessfor a personalized, synchronized, multi-device, communal,omni-channel retail experience before, during and after thestore visit.The physical store remains a critical component of theshopping experience for retailers, brands and consumers.But if retailers continue to fail to connect with the modernconsumer, many more stores will close and the shopperwill simply give up waiting for the revolution and buyeverything and anything through the personalized,synchronized, multi-device, communal retail experiencethat many online retailers already offer.In PSFK’s Future of Retail 2015 report we present ourmanifesto for change. We list our 10 demands for action.We ask you to help us make this change, save the storeand evolve the very notion of shopping.“Embrace the hyper-connected consumerand her readiness for a personalized,synchronized, multi-device, communal,omni-channel retail experience before,during and after the store visit.”Piers FawkesPresident of PSFK LabsFounder & Editor In Chief of PSFK.com@piers_fawkes | @psfkpsfk.com | labs.psfk.com
  • 4. THE FUTURE OF RETAIL 2015 @PSFK | #FutureOfRetailINTRODUCTIONThroughout most of history the basic idea of retail hasremained the same–bring people into a space withproducts and give them some way to transact. Take thephysical element away and the model fails to work. Andfor thousands of years that thinking held true, until thecreation of the modern mail order service in 1861, whichushered in a completely new way for people to buy andsell. For the first time, people no longer had to be in thesame location to shop. But despite its novelty, the servicesimply couldn’t compete with the ease and convenience ofbuying from a local shop. As a result, retailers simply didn’tneed to evolve to be successful.Less than 20 years ago that notion completely changed.The introduction of online shopping combined withreliable shipping finally hinted at a disembodied buyingexperience that could be both compelling and cost-effective.And while the rise of e-commerce still hasn’tunseated the supremacy of the store, it’s beginning topose a serious threat. One need only consult the statisticsand read the headlines to understand the shift in shopperhabits and expectations.Add in mobile to the equation and the situation only getsmore tenuous. Customers no longer just have the ability tobrowse and buy anytime, but now they can do it fromanywhere as well.And yet, as digital channels continue to evolve to includepersonalized recommendations, one-click paymentoptions and on-demand delivery services, physical storesin large part continue to steadfastly stick to the traditionalmodel of retail, ignoring the very things that have set themapart for so long–people, products and place.With this year’s report, we challenge retailers and brandsto reinvent bricks and mortar shopping with theunderstanding that while these three aspects are no longeressential to retail, they are still competitive advantages. Init, we describe 10 actions supported by 13 trends in andaround the physical store that can amplify and enhancewhat’s already on offer. Readers will discover how they cangive their customers the tools they need to co-create theexperience according to their individual needs, empowertheir staff to deliver premium service, transport the best oftheir digital interactions into the offline environment, allowtheir products to take center stage and bring communityengagement back to the sales floor, all against thebackdrop of seamlessness and convenience.In the pages that follow, we bring each of these actions tolife with best-in-class examples of innovation, highlighttheir importance with expert quotes and marketplacestatistics, and point to the opportunities available toforward thinking retailers and brands. We’ve also turned toour network of creative agencies, asking them to leveragethe trends to reimagine the bricks and mortar stores ofwell-known companies like IKEA, Starbucks, Whole Foodsand Sephora to name a few. Their inventive concepts areincluded to show what’s possible and provide furtherinspiration as readers take these insights back into theirdaily work.We’re excited to share our manifesto for the store with youand look forward to realizing that future vision together.“While the rise of e-commerce still hasn’tunseated the supremacy of the store, it’sbeginning to pose a serious threat.”“Physical stores in large part continue tosteadfastly stick to the traditional model ofretail, ignoring the very things that have setthem apart for so long—people, productsand place.”Scott LachutDirector of Research & StrategyPSFK Labs@scottlachutpsfk.com | labs.psfk.com
  • 5. THE FUTURE OF RETAIL 2015 @PSFK | #FutureOfRetail
  • 6. THE FUTURE OF RETAIL 2015 @PSFK | #FutureOfRetailKEY TAKEAWAYSFROM OURRETAIL MANIFESTOMERGING THE BEST OFONLINE, IN-STOREAs the aftermath of a global recession coincided with the rise of e-commercemany pundits lay claim to the fate of the physical store.Today a recent study from A.T. Kearney reports that 95% of all retailsales are captured by retailers with a brick-and-mortar presence,suggesting that the social, physical and interactive dynamics of theshowroom still instill shoppers with the most confidence to buy. Lookno further than the flood of online retailers moving offline to see thatnot only is having an offline presence a trendy reversal of brandpositioning, it may be necessary component of all retailers goingforward.With new technologies to consider and an evolved set of shopperexpectations in mind, PSFK Labs takes a look at four key areas whereretailers could begin redefining their best-in-class retail experience.
  • 7. THE FUTURE OF RETAIL 2015 @PSFK | #FutureOfRetailLet customers shopon their termsanywhere
  • 8. THE FUTURE OF RETAIL 2015 @PSFK | #FutureOfRetailWorld AsPurchase PlatformLeveraging mobile and socialplatforms to close the gapbetween product discovery andpurchase intent on a widervariety of channels, allowingcustomers to instantly add itemsto their shopping carts and buy.
  • 9. THE FUTURE OF RETAIL 2015 @PSFK | #FutureOfRetailTargetBig Box Retailer’s App UsesImage Recognition ToStreamline Mobile Purchases@targetBe There And EverywhereWorld As Purchase Platform
  • 10. THE FUTURE OF RETAIL 2015 @PSFK | #FutureOfRetailTwitterSocial Media Giant VenturesInto E-Commerce byImplementing 'Buy Now'Button@twitterBe There And EverywhereWorld As Purchase Platform
  • 11. THE FUTURE OF RETAIL 2015 @PSFK | #FutureOfRetailFacebookSocial Network FeaturesInstant Purchase OptionWithout Leaving Platform@facebookBe There And EverywhereWorld As Purchase Platform
  • 12. THE FUTURE OF RETAIL 2015 @PSFK | #FutureOfRetailEnable customersto plan the perfectstore experience
  • 13. THE FUTURE OF RETAIL 2015 @PSFK | #FutureOfRetailShop AheadProviding customers with a nearreal-time view of what’s in stockat every store so they can orderproducts ahead of their visit.
  • 14. THE FUTURE OF RETAIL 2015 @PSFK | #FutureOfRetailBanana RepublicAnd GapFashion Brands LetShoppers Reserve ClothesOnline For In-Store Pick-Up@BananaRepublic |@GapOne-Click EverythingShop Ahead
  • 15. THE FUTURE OF RETAIL 2015 @PSFK | #FutureOfRetailZoominGrocery Pickup ServiceKeeps Foodstuffs At ProperTemperatures UntilCustomers Arrive@ZoominMarketOne-Click EverythingShop Ahead
  • 16. THE FUTURE OF RETAIL 2015 @PSFK | #FutureOfRetailDesign Your VisitDelivering convenience,efficiency and ease throughdigital services that allowcustomers to optimize everystore visit.
  • 17. THE FUTURE OF RETAIL 2015 @PSFK | #FutureOfRetailSupercutsSalon Chain Uses Real-TimeData To Streamline BookingAppointments In Advance@supercutsOne-Click EverythingDesign Your Visit
  • 18. THE FUTURE OF RETAIL 2015 @PSFK | #FutureOfRetailGaleries LafayetteDepartment Store DevelopsIn-Store Trip Planner ToEase Customer Visits@galeries_lafOne-Click EverythingDesign Your Visit
  • 19. THE FUTURE OF RETAIL 2015 @PSFK | #FutureOfRetailGive associates thetools to connectwith customers inmore ways
  • 20. THE FUTURE OF RETAIL 2015 @PSFK | #FutureOfRetailTech-EnabledServiceInstantly connecting customerswith members of store staff on awider variety of platforms both inan outside the store.
  • 21. THE FUTURE OF RETAIL 2015 @PSFK | #FutureOfRetailFiatAutomobile Brand CreatesVirtual Test DriveExperience Guided ByRemote Staff@houseoffraserPower To The PeopleTech-Enabled Service
  • 22. THE FUTURE OF RETAIL 2015 @PSFK | #FutureOfRetailNordstromPersonal Shoppers TextCustomers The LatestFashions@houseoffraserPower To The PeopleTech-Enabled Service
  • 23. THE FUTURE OF RETAIL 2015 @PSFK | #FutureOfRetailConnect customerswith the rightinformation,right now
  • 24. THE FUTURE OF RETAIL 2015 @PSFK | #FutureOfRetailDynamicDiscoveryRelaying key information toshoppers’ mobile devicesaround product details, reviewsand promotions as they shop in-store,personalizing the path topurchase.
  • 25. THE FUTURE OF RETAIL 2015 @PSFK | #FutureOfRetailHouse of FraserMannequins Send ShoppersAlerts About Products TheyAre Wearing@houseoffraserDigital Real WorldDynamic Discovery
  • 26. THE FUTURE OF RETAIL 2015 @PSFK | #FutureOfRetailBloomingdale’sIntelligent Fitting RoomsAllow Customers To ScanItems To Discover What’sIn Stock@bloomingdalesDigital Real WorldDynamic Discovery
  • 27. THE FUTURE OF RETAIL 2015 @PSFK | #FutureOfRetailCreate a personal-izedshoppingexperience forevery customer
  • 28. THE FUTURE OF RETAIL 2015 @PSFK | #FutureOfRetailRecognizedRecommendationsCreating opt-in experiences thatlet customers share informationand preference in exchange forhelp with selecting the perfectproduct.
  • 29. THE FUTURE OF RETAIL 2015 @PSFK | #FutureOfRetailModiFacePhoto Analysis GeneratesPersonalized SkincareRecommendations@ModiFaceEveryone Of A KindRecognized Recommendations
  • 30. THE FUTURE OF RETAIL 2015 @PSFK | #FutureOfRetailSelfridgesIn Store ‘Lab’ OffersAssessment BasedFragranceRecommendations@SelfridgesEveryone Of A KindRecognized Recommendations
  • 31. THE FUTURE OF RETAIL 2015 @PSFK | #FutureOfRetailTransact in culture,experiences andrelationships
  • 32. THE FUTURE OF RETAIL 2015 @PSFK | #FutureOfRetailCommunityCornerstoneOffering complementaryservices and experiences that gowell beyond products,reimagining stores asmarketplaces for relationships.
  • 33. THE FUTURE OF RETAIL 2015 @PSFK | #FutureOfRetailClub MonacoLuxury Brand OpensBookstore and Coffee ShopIn Flagship Store@ClubMonacoBe The HubCommunity Cornerstone
  • 34. THE FUTURE OF RETAIL 2015 @PSFK | #FutureOfRetailUrban OutfittersLifestyle Brand FeaturesHigh-End Coffee AndProduct Repair StationsIn-Store@UrbanOutfittersBe The HubCommunity Cornerstone
  • 35. THE FUTURE OF RETAIL 2015 @PSFK | #FutureOfRetailSell customers onan aspirationallifestyle
  • 36. THE FUTURE OF RETAIL 2015 @PSFK | #FutureOfRetailLifestyle CurationOffering an expertly curatedselection of products andservices that connect with andcomplement a broader lifestyle.
  • 37. THE FUTURE OF RETAIL 2015 @PSFK | #FutureOfRetailPCH x RadioshackBig Box Retailer Helps Up-And-Coming Makers VieAlongside Big Brands@RadioShackImagine The IdealLifestyle Curation
  • 38. THE FUTURE OF RETAIL 2015 @PSFK | #FutureOfRetailSearsExperiential Shop CuratesTightly Edited Selection OfConnected Products@SearsImagine The IdealLifestyle Curation
  • 39. THE FUTURE OF RETAIL 2015 @PSFK | #FutureOfRetailDesign new waysfor customers toget hands on withproducts
  • 40. THE FUTURE OF RETAIL 2015 @PSFK | #FutureOfRetailProduct ImmersionLooking beyond traditionalmerchandising to developcustomer-centered experiencesthat let shoppers get hands onwith products in new ways.
  • 41. THE FUTURE OF RETAIL 2015 @PSFK | #FutureOfRetailGUStore Lets Customers WearClothes For A Day BeforePayinggu-japan.comExperiences, Not ProductsProduct Immersion
  • 42. THE FUTURE OF RETAIL 2015 @PSFK | #FutureOfRetailT-MobileCell Phone Carrier InvitesCustomers To Test ProductsOut For Seven Days@TMobileExperiences, Not ProductsProduct Immersion
  • 43. THE FUTURE OF RETAIL 2015 @PSFK | #FutureOfRetailLiving ShowroomsDesigning experientialshowrooms and unique eventsthat allow customers to get fullyimmersed in the lifestylesurrounding product offerings.
  • 44. THE FUTURE OF RETAIL 2015 @PSFK | #FutureOfRetailAirbnb + IKEAPartnership Lets PeopleSpend The Night InFurniture Retailer’sShowrooms@airbnbExperiences, Not ProductsLiving Showrooms
  • 45. THE FUTURE OF RETAIL 2015 @PSFK | #FutureOfRetaileBayLive Play Allows TheAudience To Shop FromTheir Seats@eBayExperiences, Not ProductsLiving Showrooms
  • 46. THE FUTURE OF RETAIL 2015 @PSFK | #FutureOfRetailTransform yourstore into a digitalshowroom andon-demanddelivery hub
  • 47. THE FUTURE OF RETAIL 2015 @PSFK | #FutureOfRetailClick To StylizeOffering immersive visualizationexperiences that enablecustomers to instantly ‘see’ anentire catalog of products in avariety of settings, modelsand styles.
  • 48. THE FUTURE OF RETAIL 2015 @PSFK | #FutureOfRetailVizera LabsAugmented Reality LayersDigitized Product FeaturesOnto Physical Product@VizeraLabsNo InventoryClick To Stylize
  • 49. THE FUTURE OF RETAIL 2015 @PSFK | #FutureOfRetailLowe’sInteractive Room AllowsDIYers To Virtually VisualizeHome Remodeling Projects@LowesNo InventoryClick To Stylize
  • 50. THE FUTURE OF RETAIL 2015 @PSFK | #FutureOfRetailFrictionlessFulfillmentOffering on-demand deliveryoptions that bring productsstraight to the customer within adesignated time.
  • 51. THE FUTURE OF RETAIL 2015 @PSFK | #FutureOfRetailVolvoAutomaker Lets Drivers ToArrange Package DeliveriesTo Their Parked Cars@volvocarsglobalNo InventoryFrictionless Fulfillment
  • 52. THE FUTURE OF RETAIL 2015 @PSFK | #FutureOfRetailWhole Foods +InstacartGrocery Chain And DeliveryService Bring Groceries toConsumers’ Homes@InstacartNo InventoryFrictionless Fulfillment
  • 53. THE FUTURE OF RETAIL 2015 @PSFK | #FutureOfRetailTreat the entirestore as a placewhere customerscan tap to pay
  • 54. THE FUTURE OF RETAIL 2015 @PSFK | #FutureOfRetailDigitalPaymentsLeveraging mobile paymentsolutions to allow purchases toseamlessly take place anywherein the store.
  • 55. THE FUTURE OF RETAIL 2015 @PSFK | #FutureOfRetailAppleMobile Payment ServiceAllows For ContactlessPurchases Via NFCapple.com/apple-payKill The CheckoutDigital Payments
  • 56. THE FUTURE OF RETAIL 2015 @PSFK | #FutureOfRetailSquareDigital Payment PlatformEnhances Existing OfferingWith New Order-Ahead App@squareKill The CheckoutDigital Payments
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  • 66. THE FUTURE OF RETAIL 2015 @PSFK | #FutureOfRetail
  • 67. THE FUTURE OF RETAIL 2015 @PSFK | #FutureOfRetailPSFK’s fifth annual reporton the Future of Retail:— The leading report series on the globaltrends changing retail— 10 actions to redefine your retail experiencesupported by trends— Perspectives from leading shopper expertsacross the globe— Supporting stats, implications & retailconceptsFor your copy of the full report,visit: psfk.com/future-of-retail
  • 68. @PSFK | #FutureOfRetailSUMMARY PRESENTATION
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